Rupert Murdoch is not going to be the next owner of the Texas Rangers after all.
Reports surfaced earlier this week that News Corp. was mulling a bid for the bankrupt Major League Baseball franchise. But the company's Fox Sports unit has released a statement that it will not be participating in Wednesday's scheduled auction.
"Fox will not be submitting a bid for ownership of the Texas Rangers," Fox Sports Net communications VP Chris Bellitti said. "There will be no additional comment at this time."
During an earnings call with investors on Wednesday, News Corp. chief Rupert Murdoch reiterated that stance: "We will not be buying sporting teams."
Last week, a U.S. Bankruptcy Court judge ruled the team must be auctioned off on Wednesday so its current owner, Tom Hicks, can pay the $525 million he owes his creditors. Bids must start at that figure, the judge said.
News Corp. had been interested in the Rangers “to ensure continued TV rights for its Fox Sports [Network] unit,” according to the Fort Worth Star Telegram.
That interest was apparently fleeting. It makes sense, though. Despite the fact that News Corp. has cash to burn, its contract to broadcast Rangers games doesn’t expire until 2014.
Too bad, because Rupe does certainly look good in that cap.
[Photo illustration: TheWrap]
